Economy in Tatters

The acute depreciation of rupee against the dollar raises some serious concerns indicating that the government is not willing to address those problems which have led to the present situation. Pranab Mukherjee in Parliament did speak about the tattered economy but did not promise anything concrete. He urged the people not to panic and have patience. On the other hand he also urged them to brace up for tough economic decisions. If the present situation is not a cause of worry then why is the government speaking of taking harsh measures? Excuses like the EURO crisis and other international issues have often been sighted as the reason for the crisis. There is no denying that EURO crisis along with America’s economic conditions are adversely affecting our economy but it is equally true that the government’s indecisiveness in economic matters has aggravated the problem further. Can the government give one example where it has done something to overcome the crisis? It is true that we cannot remain untouched by the impact of global economic crisis but this doesn’t mean that everything depends on world economy.

Though the Finance Minister may have spoken of taking austere measures to curb government losses but it is doubtful that something like this will ever happen. This because the government is only concerned about adopting populist measures in order to gain political mileage. Both the Centre and the state governments are standing on the same footing. Government’s move to curb expenditure has always proved to be fake. In the name of austerity, foreign trips of ministers are cut down but nothing is done to keep a check on the reckless expenditure made on populist measures. Similarly the Centre shies away from taking tough decisions against those government enterprises which are running in loss. Air India is one of them. But the government is planning a massive bailout package for the beleaguered airlines.